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Blend, a mortgage-focused technology software startup, is targeting an initial public offering that would value the company at $4 billion.
The company revised it's filing and is looking to sell $20 million shares at $16 and $18, according to Illinois News Today, in hopes to raise $360 million. According to the report, the initial filing was done secretly back in April.
“We believe the future of banking will look radically different from what consumers experience today,” said Nima Ghamsari, Head of Blend and Co-Founder, in his letter attached to the U.S. Securities and Exchange Commissions filing. “Real-time data insights will enable consumers to receive personalized, proactive offers for products and services that are designed to increase their financial wellness. Consumers will be able to glance at their mobile phone and see in an instant everything the bank can do for them, personalized to their specific financial situation. And when a consumer is ready to choose a product, they’ll be able to check out in one tap.”
“Most financial services firms are far from this future state, burdened by legacy software infrastructure that is built around manual, paper-based approval processes, with separate technology stacks for different banking products and channels. Innovation is severely hampered by this architecture, and data silos force financial services firms to treat their customers like strangers each time they apply for a new product offering.”
According to Reuters, more than $5 billion in transactions are processed by the company. Additionally, Reuters reported that Blend has 291 customers including Wells Fargo & Co. and Lennar Mortgage.